Mortgage Grapevine

anyone use nationstar mortgage??????????

Does anyone use nationstar mortgage. I have never heard of them and a AE called me yesterday?

Thanks for your thoughts.
by money4 April 3, 2007 12:00 AM


They are the old Centex Mortgage.
Only encounter I had with them was BAD.
good luck
by TexansAOF April 3, 2007 12:00 AM


Bad experience. For some reason when they repull credit report, it´s always lower than mine...even if same day..

by Navair April 3, 2007 12:00 AM


I closed one with them last month. I had a good experience. They in fact, were quite helpful. My AE , was new but she got a lot of help from the Sales Manager who was excellent. My closing went really smooth. I would use them again. (Programs have changed a lot- but definetely worth a shot!)

Try using the Florida Office.
by KeepHopeAlive April 3, 2007 12:00 AM


I´ve done a few deals thru Nationstar and they went pretty smooth
by Mortgageguy123 April 3, 2007 12:00 AM


Nationstar is the old Centex Home Equity and while it seems some brokers on this thread had a bad experience with the 1 loan they sent us, we are still here-funding loans, approving 95% Full doc down to 580 scores and 85% down to 500.

Common sense underwriting has allowed us to remain a stable lender in this turbulent sub prime market and we will remain a constant in this turbulent market.

As for being sold by Centex Corporation last year, it was certainly not because "They sucked so bad that their own company divested them and told them to go out and get your business somewhere else and take our name off while you do it" as EL DIABLO stated above.

The truth is Centex Corporation sold CHEC at a PREMIUM (something not seen too often these days for a sub prime unit) to one of the largest and most successful hedge fund companies in the world.

Perhaps you´ve heard of them-Fortress Investments-the same Fortress Investments that launched the first IPO last month for a hedge fund-

As for the name change, legally, why would CHEC keep the Centex name when it was no longer part of the Centex Corporation.

I can assure you Nationstar is here to stay and is committed to providing superior service and a wide variety of products and programs that serve the majority of the non prime marketplace.

As for the XpressQual on line submission engine, there have been significant improvements in our system over the last couple of weeks and I invite all brokers to go online and take a look at the new system.

As always, thank you for your continued support and consideration of Nationstar Mortgage.

by nationstar April 3, 2007 12:00 AM



by MrB April 6, 2007 12:00 AM


"The truth is Centex Corporation sold CHEC at a PREMIUM (something not seen too often these days for a sub prime unit) to one of the largest and most successful hedge fund companies in the world.

Perhaps you´ve heard of them-Fortress Investments-the same Fortress Investments that launched the first IPO last month for a hedge fund-"

I´ll bet they´re kicking themselves now if thats really true. But I don´t believe for a second that CHEC was sold at a premium. Everyone knew subprime was on the way out. Happens every market turn down. I´ll guarantee your company isn´t exactly breaking any records lately.
by Calibria April 6, 2007 12:00 AM


Actually Calibria, the poster "nationstar" is right. It WAS sold as a premium, and we are reving just fine for Fortress. Why such the negative disposition on Nationstar? I see nothing but criticism without justification?
by RESPA07 April 11, 2007 12:00 AM


Actually Calibria, the poster "nationstar" is right. It WAS sold as a premium, and we are reving just fine for Fortress. Why such the negative disposition on Nationstar? I see nothing but criticism without justification?
by RESPA07 April 11, 2007 12:00 AM


Actually Calibria, the poster "nationstar" is right. It WAS sold as a premium, and we are reving just fine for Fortress. Why such the negative disposition on Nationstar? I see nothing but criticism without justification?
by RESPA07 April 11, 2007 12:00 AM


Nationstar is "Really" bad!!! Don´t even think about it. They give new meaning to the phrase "predatory lending institution"


by kmerritt May 15, 2007 12:00 AM



by sthsanderson May 27, 2007 12:00 AM


Nationstar owns the house next door because they refinanced a home for much more that it was worth with someone that clearly did not have the ability to pay. This house is priced considerably higher that what it is worth in the best of circumstances. Then add to that the approximately 40,000 in repairs needed just to move in.

If that isn´t bad enough, no utilities have been on for 9 months in a cold wet climate. This house has been flooded due to no sump pump. Had snow blowing into it because they would not fix the front door. The grass is now 2 plus feet tall because they will not pay to maintain the property.

Given the current condition of this property, it will sit vacant for years. It is an eyesore and a danger to the neighborhood. I would strongly recommend that you never deal with this company.
by sthsanderson May 27, 2007 12:00 AM


Nationstar is a predatory mortgage company. I refinanced with this company with a variable rate. They said I would be able to refinance after a couple of years. After my interest rate went from 5.99% to 11% we tried to refinance after two and a half years. Nationstar, the company I refinanced with, was the only company that I was able to discuss refinancing due to high pre-pay penalties. However, we were not able to complete the refinance because my appraisal came back $15,000 lower than when we did the original refinance. Thus, I was forced to try and find a buyer. I did finally find a buyer but when we requested a pay-off statement Nationstar sent the incorrect pay-off amount. My original loan amount was for $108,000 and after two and half years of paying the mortgage and watching my payments go from $820 per month to $1265 per month, Nationstar told me that it would cost me $111,309 to get out of the loan based on a 4% pre-pay penalty. This high penalty is currently illegal in Ohio. After reviewing my loan note I found out that my actual pre-pay penalty was 1% if paid within 36 months. So, I attempted to contact Nationstar Mortgage to resolve the issue. However, they continued to insist that I would have to pay what they referred to as "6 months of pre-paid interest" if I wanted to pay the loan off. This is also illegal in Ohio. After careful review of my note again and with an expert in the mortgage field we came to the conclusion that Nationstar was incorrect. I again attempted to contact them but they used a complex array of tactics to avoid allowing me to speak with someone of substance who could help with the problem. Only after threats of legal action was I able to secure the proper pay-off statement and that came after they again tried to include a month´s extra of interest. In the end they did correct the statement and faxed to my title company. In order to close on this sell I had to show up to the closing table with nearly $4000 in order to sell my home and preserve my good credit standing.
by aaronnc35 July 25, 2007 12:00 AM


Nationstar Mortgage is very conservative and not a predatory lender at all. We have always been focused 100% on subprime loans and we are still here alive and kicking.
by Star_AccountExec August 16, 2007 12:00 AM


Nationstar does not service it´s customers well and screwed up our tax escrow.
by sickandtired August 23, 2007 12:00 AM


I see a lot of conflicting responses from posters and it looks like some coming from brokers and some coming from borrowers. I am a Florida broker and since the sub prime meltdown, I was tickled to see there are still some sub prime lenders left such as Nation Star. Although I have my favorite lender that I submit my sub prime products through, Their guidelines sometimes deter me from being able to send ALL of my loans to them so I am considering Nation Star. Could you guys give me some scenarios on your total experience with them besides "they suck","They screwed up my escrow" etc. I´m not trying to be sarcastic I just need to know the good and bad attributes so I can determine whether it´s worth me submitting a loan to them. I regularly recieve emails from them of their products and they still seem aggressive with them and it gets my attention. I understand the prepays and I have experienced tough prepays with Freemont and I just cant imagine a lender that could be worse than Freemont. Please post your thoughts.
by Fljohn August 30, 2007 12:00 AM


I most certainly think Nationstar is predatory. A man who called himself a loan officer in a specialized unit within Nationstar Mortage that offers programs and products that may be more in line with a customer´s expectation called and emailed me to say, "We have options for you." He said we could refinance with them at a lower rate than we had AND we could borrow $20,000 equity for home improvements. We had to be approved financially and the appraiser they would send must appraise our house at a certain amount. We passed financially and the appraiser appraised our house at $15,000 above what Nationstar wanted! We had to pay for the appraisal but the man told me that if we did not pass the appraisal, we could get back our appraisal fee. Closing was scheduled in two days! Before the closing, the man called and said their Appraisal Review Department had requested additional information from their appraiser since they didn´t like his comparable sales. Nationstar is in Texas and I am in Arkansas! They asked the appraiser to send more properties to back up his appraisal with more comparable sales. He refused. The man´s manager said this had never happened before. Nationstar called a realtor where I live and asked the company to send three comparable sales for my house! The reality company sent three sales that they thought would back up a lower appraisal! The result was an appraisal $40,000 below what Nationstar had said our house must reach. Home equity loan denied! I then asked for my money back since the man had said if appraisal was too low, we could get the appraisal fee back. I kept trying to reach my original man who called. I finally got his boss who said that the man was no longer with Nationstar and she would not return my money but she would send me the appraisal. I then got an email from the man who said, "We relocated to a different building and his phones were not working yet." I called the man´s number again and got his answering machine. I called the Nationstar main office and asked to be transferred to the man. I got the answering machine again. This time when I called Nationstar I asked the receptionist if the man was still employed. She said Nationstar had sent out a new employees´ list and yes he was still there! I called the boss to tell her to send me the appraisal since she would not give back my money. I haven´t been able to reach her although I have called and left messages. I think I was.....well you know what I mean!! I am now reporting this incident to my state´s Attorney General´s office.
by kskmac September 6, 2007 12:00 AM


NationStar is VERY predatory and I 100% agree with aaronnc35 and kskmac. I am going through the EXACT SAME THING, right now, in the state of MD.

I´ve sent over a contract for an offer on my home over 3 weeks ago and they´ve done NOTHING with it, including not sending me a payoff.

My rate, too, went from 6.5 to over 10% in a matter of 6 months.

Stay AWAY from them. They are nothing but a load of trouble and headache, unless you like giving money away.
by MDMD September 10, 2007 12:00 AM


I feel that these people who decided to put themselves in adjustable rate mortgage´s are at fault. Nationstar did not twist your arm , to sign the final papers. Stop blaming companies for your results. You were and are the one who does not pay your bills , you are the one with the bad credit and you are the one who is at fault. Stop passing the buck and stand up and put the problems of your life on your shoulders. That is the problem with American´s , always wanting blame someone else. Nationstar is a superior company amongest the crowd. If you had a bad experience with this company , i can only imagine how much trouble it was to work with you. I´m willing to bet anyone who has had problems getting out of their adjustable mortgage , probably took the money they received at closing and spent it waste fully on new whips and the latest fashion. Also, never thought another second about paying the 15 collections on their credit that they were so concerned about during the process that hindered them from getting a great rate on a fixed product. The problem started with you not paying your bills and living beyond your means, so stop complaining about a company who gave you an opportunity start over and all you do is waller in self pity. Get over it and reap what you have sowed.

stop the drama
by youaretheproblem September 11, 2007 12:00 AM


I enjoy drama on screen but not in matters of the heart or finance! While I am sure there are people who get variable mortgages, don´t pay their bills, and live beyond their means, I hope they have somehow reached a solution for their problems.

Our problems with Nationstar had nothing to do with any of that. We have a lower fixed rate mortgage, good credit rating and an abhorrence of living beyond our means. My parents came out of a depression and raised us to budget, pay up,and avoid credit cards or charges!

Nationstar came to us with THEIR offer to lower our mortgage rate and withdraw some of our house equity for home repairs. We jumped through all of their hoops but failed to realize that the rules we were playing by led us to a labyrinth with no available exit! I supposed we could be faulted by the sincerity I heard in the Nationstar agent who called us, our belief in the existence of credible/honorable loan institutions, and ignorance of our self doubt´s voice warning us that sometimes a person´s word must be backed up with written words and signed! ( I think I remember that warning from my attorney father!)

I have reported Nationstar´s actions to our state´s consumer affairs, learned to deal only with people for whom I can find their office in state, and realized that it is not only the government whose operations involve clandestine motives and actions!
by kskmac
by kskmac September 12, 2007 12:00 AM



by youaretheproblem September 12, 2007 12:00 AM


kskmac: I can understand the situation you speak of , but you have to take into consideration that each individuals situation is different. I have a mortgage with Nationstar and I´m in sales myself. Being a salesman is not an easy job, for one you have to have a product that sparks an interest to a consumer , second you have to present the product to allure or spark an interest of the potential buyer. So getting a foot in the door is what you are looking for at this point. In your case , I believe the loan officer was really working on your behalf, more than you know. The market as been in such turmoil over the past 12 months and guidelines ever changing with companies , it´s hard to qualify a loan from week to week. From what I recall from your posted message, you pretty much came out-of-pocket for an appraisal ( what a couple hundred bucks)just think how many times a mortgage company has had to flip the bill by rolling these funds into the loan the appraisal fee for a customer , just think how many times they had to come out-of-pocket for indecisive customer´s . I´ll bet at the end of year that bill was stout, but do you hear these companies running to tell mommy that they were treated unfair. No they roll up there sleeves and tighten up guidelines. So many people want everything for FREE , but where is the commitment on the part of the consumer. There is so much competition in sales, that sales people are really the back bone of this country. We are the front line in all industries, without sales people the rest of you would be at home with a bag of chips watching Oprah, because you would not have a job pushing our paper. In closing I don´t know what exactly took place , but reconsider your thoughts and intentions before going out on a limb and posting your thoughts ( which don´t hold water) about companies who have had reputation of excellence. Stop The Drama
by youaretheproblem September 12, 2007 12:00 AM


As a long time loan officer of nationstar mortgage, I can honestly say that it is a very conservative company. The "hoops" that you jump through are to avoid fraud from customers/appraisers/and, or title agencies. (unlike the quick-fix companies like Ameriquest etc. who put fixed income borrowers into variable stated income programs. This was never done at Nationstar. And foreclosures? Forget it. Anyone in the industry knows that a foreclosure on a house over 60%LTV is never profitable. Nationstar did a lot to protect their investments. Unfortunately, the sub-prime market is near done or already over with for now. I was just laid off. For Nationstar, out of the 100+ offices open nationwide, less than 8 remain. Large call centers closed. Broker divisions nearly extinct. It´s a time for reform. I´m sure they are clamoring for a product that customers need and investors will buy. We´ll see...
by EMPLOYEE9 September 13, 2007 12:00 AM


Nationstar Mortgage is very conservative and not a predatory lender at all. We have always been focused 100% on subprime loans and we are still here alive and kicking.
by Star_AccountExec August 16, 2007


This reply is so full of sh!t. I am working on a short sale caused by them lending money in an extremely predatory manner. The loan officer (Nationstar Retail) listed the stated income or the borrower on the applicaton! The appraiser that they used overvalued the property by 30%. When they had a review once the foreclosure process started they were very quiet with regards to the correct value. The property is located in community where values have been flat for at least 5 years.

I will be glad when they close up for good. Just a bunch of chop shop whores screwing up peoples credit worse than it was. The employees that staff the collection and workout areas are just as bad. Stay as far away from this lender as possible.
by mike vick dogfighter September 13, 2007 12:00 AM


to mike vick: who would trust one word that comes out of your mouth. Look at what your user name or should i say loser name . get a life and stay off that shakey soap box you are on. word of advice stay clear of your thoughts and if you start to think again ...... reconsider. get a life
by youaretheproblem September 13, 2007 12:00 AM


To everyone bad mouthing Nationstar, I´m sure you´re not the only ones and won´t be the last. Every single company in existence, especially mortgage companies have had complaints. Countrywide, Wells Fargo, Bank of America, and anyone else you want to name get complaints. Guess what, they don´t care.
One person talked about their prepayment penalty, it does suck, especially when it should of been one amount and it was another, but you also signed a document at closing telling you about your prepay so you can´t get upset you had one.
Dealing with an appraisal that came in lite; the companies that do the appraisals are not affiliated with Nationstar, would be a conflict of interest. The loan officers are not able to determine what value the appraisor comes back with. If it didn´t come in where it needed to be, tough! The market steadily changes and a few years ago when your appraisal was higher than the most recent one, that was also when we had the big housing boom. The housing boom screwed too many people because the values were always inflated more than what the house was even worth.
I can see where some people talk about adjustables adjusting too high, but you got into that loan, probably to rebuild your credit. What you do after you sign loan documents is at that point is your responsibility. If you rebuild your credit, thats great, but if you continue paying bills lousy, or max out your credit cards constantly, you can´t put the blame on the company that gave you an adjustable. I´m sure at closing you LOVED that lower rate too.
by TALKisCHEAP September 19, 2007 12:00 AM


Talk is Cheap: This is a person who could not have said it any better. You and I ,it seems are two people on this page that actually understand that ignorance is not a blist. So to the self pity , cry babies that are having a grief with Nationstar .............. Get over it and put struggles and strife back on your shoulders. no one is to blame , but you. Terms of agreement were and are in black and white !!!!!!!!!
by youaretheproblem September 19, 2007 12:00 AM


Facts are Facts:
kskmac - Prime credit customers do not have to do loans with Nationstar. Therfore your credit is/was NOT Prime. This means your credit score was below 720. More than likely your credit score was somewhere in the 500s. I won´t make the assumption that you were a "no bill paying dirtbag, moocher" who couldn´t pour pi** out of a boot with the directions written on the heel, but the FACT is that is exactly the average customer profile for customers who complain about their experience with Nationstar. Why do I know this? It is because I worked for them. They provide mortgages to people who can´t go anywhere else, because of unpaid bills, bankruptcies (sometimes more than one), liens, less than provable income sources, collections, back taxes, and complicated credit history. I´m sorry kskmac had a bad experience. You said your Father is a Lawyer, well maybe you´ve heard this form him "Verba Volant; Scripta Manet!" or tranlated "Words are fleeting; what is written remains!" in other words LEARN TO READ! For God´s sake you are talking about your most valuable possession. Most of the customers I spoke with spent more time researching a deal on new mudflaps or a 52" Flat Screen TV! Take some responsibility, READ, look at the entire deal, live within your means, and PAY YOUR BILLS ON TIME. Are there predatory lenders out there? YES, only if YOU let them take advantage of you. One of the best things you can do is learn about your financial situation BEFORE you talk to someone about a Refi or purchase. Don´t rely on someone who calls you out of the blue; but also realize that if you go online and fill out an inquiry for financing, you are going to be called. If all you want to know is "rates" then look up on the net the day´s prevailing rates and know that those are for people with FICO scores above 720 looking to finance 80% or less of a good property, who have paid their bills on time with NO bankruptcies or collections, and have assets ($ in the Bank). Stop whining about not wanting to pay for anything! We already know that you don´t but it´s time you faced the cold hard truth that the rest of us do every day, that NOTHING is for FREE. Pay for something and it havs value; get it for free and more than likely that is exactly how much it is worth - $0.00!
WakeUp and Smell the Drano - your credit is in the sewer and nobody is going to bail you out, you have to work for it.
by WakeUpAmurika! September 25, 2007 12:00 AM


WakeUpAmurika.Hello!!!...You have twisted whatever facts you assumed were correct. I am a prime credit customer and my score is way above 720.We have no credit card debt as the two cards we have are paid off before the date due. We have a small loan out on a new heating/cooling system. There are also no bankruptcies or collections in our life. I have the amount of money we wanted to pull out of refinancing our home in saving accounts and other savings programs. As far as reading the small black and white print sent to us by NationStar, my caller/loan officer said it was something his company had to send to loan customers and it meant nothing. He instructed me to simply throw the letter away and don´t confuse myself by reading it! When this loan officer from NationStar called me, he wasn´t someone from out of the blue. Our house is financed through NationStar.
The first appraisal given by a man that NationStar had hired (with our money) was accurate. The properties NationStar had gotten through a call to a realtor in my area were in no way comparable to ours. None of them were golf lots as ours is. All properties the appraiser (sent by Nationstar) used were golf lots. None of the three used by NationStar´s Appraisal Review Department to get a true value of our home were golf lots! How competent is that?
From my experience with the predatory NationStar, I did decide to deal with a bank in my state whom my husband has visited. We are both very happy with their desire to serve us. We got the $20,000 loan for our remodeling program from a bank near us. Our house was evaluated at what the original appraiser had reported. I read the loan statement. We can pay it off early with no penalty and the loan percentage is fixed. I have seen the face and talked to my new loan officer. Why don´t you wake up and smell the Drano and perhaps imbibe a bit. I think your mind is in the sewer. If you want to save it, try applying known facts and a modicum of gray matter!
by kskmac September 29, 2007 12:00 AM


Some customers may have had a bad experience with Nationstar, but that is the case with any bank/lender. A company is never going to have 100% positive feedback. I was just laid off last month (from Nationstar) and I can tell you from experience that they are not a predatory lender and that they are an ultra conservative company...esp. the way the market is right now. They dont make loans to just anyone. They have tight guidelines and wont even make a loan to someone who qualifies if there is no benefit to that customer. I believe that there are some loan officers who are predatory in the way that they do business bc they are thinking of their paycheck instead of the customer´s benefit and well being. And honestly, Nationstar isnt aware of exactly how each employee conducts business. They put trust in their employees and sometimes Nationstar gets screwed over too. One (or a few) bad apples dont ruin the bunch... i dont think its fair that Nationstar´s reputation is at stake bc of the actions of a few loan officers failing to do what is right. As a customer, it is your duty to talk to someone in charge to address the situation or to make things right. Coming on here to vent and bash isnt going to change anything. Nationstar may be downsizing but they arent going anywhere. They have a one of the biggest muti billion investment companies in the world (Fortress Inv.)backing them and people still need their services. Your rants and bashes arent going to change that.

Also, for all of you who are wanting Nationstar to "go under"... stop being selfish for a minute and think of ll of the ppl who would lose their jobs. There are a lot of hard working ppl that are employed by Nationstar. They do their best to improve the housing/mortgage situations for their customers. I was one of them. I took my job seriously and did my best to help ppl. I saved countless home from foreclosure and helped to pay numerous medical bills that families couldnt afford to pay. Not all loan officers are out to get you, not all lenders are "out to take your money". As someone said before, its your job to RESEARCH! This is one of the biggest transactions of your life... read, get things in writing, ask questions! Dont do more research on the purchase of a car than the purchase or refi of your home. Would you buy a car with out know the package? Without test driving it? Exactly.


by mtg07 October 3, 2007 12:00 AM


For you to make the comment that Nationstar isn´t aware of exactly how each employee conducts business shows that proper controls were not in place! I have reviewed a loan that was done last year for a family member (after the loan was closed) and was amazed that the loan was done!
Now the property is in foreclosure. Realtor and Attorney are working on a short sale and have no response from Nationstar for past 3 weeks.

Get real mtg07 and move on.

This company, along with many others put marginal people into loans with bad appraisals that should have never been done. Will be glad to see them gone. I do feel sorry for the "good employees" that were mislead by others.
by You must be joking? October 3, 2007 12:00 AM


Seems like there have been a lot of mixed experiences with NationStar, so I thought I´d add my story...

Our mortgage is through NationStar, and we´ve been extremely pleased so far. Going on 2 years with them.

Our appraisal was very fair. If anything, I think that our appraiser estimated on the conservative side. (Which is a good thing, given how the housing market in Ohio has dropped in the past year. Our appraisal from almost 2 years ago isn´t too far off from what the current market value would be.)

Have never had a problem with their customer service, escrow, so-called deceptive tactics, or any of the other negative things I´ve seen cited here.

Just thought I´d throw in another story from the customer perspective. If needed, I´d be happy to do business with them again. (Though, of course, my next loan will likely not be with a subprime company.)
by ohiohomeowner October 7, 2007 12:00 AM


I feel compelled to offer my opinion as an ex-employee of the company, due to numerous office closing recently. The fact of the matter is that many sun-prime mortgage companies past and present were unscrupulous in one way or another due to the demand from Wall St. I never once witnessed upper management encouraging any deceitful practices but they did happen none the less. Personally I feel that the disparity in the subprime industry across the board is predatory. Nationstar isn´t some evil axis in the industry, they´re just a product of a very messy environment. But to respond to previous statements: "just throw the packet away, don´t confuse yourself," "we´ll give you your appraisal money back," "we´ll refi you in 2 years with no ppp;" these were all sales tactics that were taught to me from day one among others. And yes Nationstar is conservative in regards to their guidelines but their spreads are ridiculous and their fees ARE predatory. 1.5% origination!?! And the biggest blunder ever... foreclosing on victims of Katrina. WOW.
by exnationstaremployee October 9, 2007 12:00 AM



by Hoo Doo October 12, 2007 12:00 AM


Exnationstaremployee - as a former LO for CHEC (2yrs) in Jax, FL, Gallagher (RVP then) required 8% total income: front/junk & YSP on pricing. Branch manager could issue an exception to 7% & conf. call with Dallas if anything lower than 7% was requested. Think about it: $180,000 loan with 8% total income - $14,400, 7% total income - $12,600 and even 6% income - $10,800 - ANY WAY YOU CUT IT, IT´S PREDATORY!!! Would you let your granny go through with this loan?

By the way, LOs were required, to qualify for bonus, to hit a minimum of $15,000 in fees (front/junk & YSP). Two consecutive months of not hitting bonus & u were a looking.
by Hoo Doo October 12, 2007 12:00 AM


Wow! kskmac you can read and write too, but obviously your comprehension skills (that’s the ability to understand something) need improvement. I did not confuse the facts. The facts are that Nationstar is a SUBPRIME lender. If you were not a sub prime borrower then SHAME on you for not knowing your situation or who you were doing business with. My suspicion is that you WERE a sub prime borrower and either didn’t know it or you are ignorant of what a prime borrower is. Please take the time to re-read my earlier posting, it was not personal, it was just the facts ma’am!
Now for something that you may take personal but once again it is not necessarily directed to you kskmac: Your comment “I have the amount of money we wanted to pull out of refinancing our home in saving accounts and other savings programs.” – WHY then would you borrow money at a HIGH rate! I call BS!!! That is a sure sign of someone who is either delusional or lying.
Some people out there think they live in the greatest home ever built but in reality they are FAR less marketable, or worse they are so customized that they could not be resold but to a VERY specific buyer. You would not believe some of the disasters I have seen on appraisals even if I showed you pictures!

As to mtg07’s comments about Management not knowing sales practices of LOs and their managers, that is FALSE. I was on a review team during my last 2 months with the company and found several glaring inaccuracies that constitute fraud. I reported then to division management and was promptly told to mind my own business. That’s when I knew I had to leave. Even with the huge layoff there are still some scumbags there to carry on their practices. They have to know at the top as they like to hire HUNGRY sales people that are skilled in manipulation. I should have known from the beginning that I would not fit their culture.
Hoo Doo is right about the money required to be generated on each loan – even worse, they don’t pay the LOs anywhere near that amount, that’s why the LOs feel they need to speed through as many lenders as possible.
As for the borrower that refuses to educate themselves – no warning necessary, you deserve everything you get in those high priced adjustable rate loans. To this day I get people with credit in the 620 and below (WAY below), $500 in the bank, $10 an hour job, no other assets, and collections, wanting a 100% loan on a home! F-ing incredible! Those loans are hard enough to do for the regular, good credit customer these days.

OH YEAH! kskmac STOP snorting the DRANO and be a grown up – admit you didn’t do your research or your credit was sub prime and you fell, HOOK, LINE, & SINKER for a slick salesman!

by WakeUpAmurika! October 16, 2007 12:00 AM


I have been dealing with Centex / Nationstar for the past 3.5 years. All I can say is GOOD LUCK! They have put me through pure heck! It has even affected my health.
by Tiggee October 22, 2007 12:00 AM


I have read all the post here. I am an actual Nationstar customer. I originally had a loan with Centex and then Nationstar took over. Just one question, when we got our loan, we were told we would get a 40yr loan. We have an adjustable rate mortage set to adjust in June 2008. I myself looked over the loan documents and totally missed the balloon payment due in 30yrs. I spoke with our loan officer and questioned the balloon payment, and was told not to worry, we would be refinancing before that and there wasn´t really a ballon due, it just a paper issue. We also fell into the high value market, our property is worth about $10,000.00 less than it appraised for when we got our loan about a 1 1/2 yrs ago. What would a typical 40 yrs loan look like on paper? Also, there is no ballon clause, it just shows a $145,000.00 payment due in 30 yrs. I have called Nationstar and my original loan office, and no one will answer my question. Can anyone help.
by reallyconfused October 24, 2007 12:00 AM


Your loan person was not being truthful with you. Your loan is known as a 40 year amortization due in 30 years. In other words at the end of the thirty year time frame you will either have to refinance or sell. This market will not last and as long as you are fine with the payments then just sit tight. If your home is worth less than 1 1/2 years ago there is no point in wasting time trying to refinance. Did you get copies of the loan documents when you closed? If not you have two choices go back to the title company they probably have it archived and ask for a copy. They may charge for the copies. Or go to your local county building and ask for a copy of the recorded loan documents. It is different in each state so some record note others record mortgage.

Also to see waht your loan would have looked like as a true 40 year amortized loan there are many calculators on line.

And good luck
by marie3328 October 24, 2007 12:00 AM


Thank you Marie3228 for your response. I have another question, I have called Nationstar about this and I can´t get an answer from them. I´m just trying to prepare for my rate adjustment that´s coming.

Our loan amount is $235,274.00, as I stated, it was supposed to be a 40yr Mortgage. Appears it is a 30yr with one payment of $158,229.39 due 7/1/2036. Anyway, our rate is 7.990% adjustable in 2 yrs, and then evey 6 mths after that. The first rate change is July 1st, 2008.

Adjustable Rate Rider States: Initial Interest is 7.990% The change rate is every 6 mths and goes by the Index (LIBOR) - current index. "Before the change date the note holder will calculate my new interest rate by addint Five and 520/1000 percentage points (5.520%) to the current index. The note holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be nmy new interest rate util the next change date.

The note holder will then determin the amount of the monthly payment that would be sufficient to repay the unapid principal that I am expected to owe at the Change Date based on the remaining term of the scheduled 40 year amortization period at my new interest rate in substantially equally payments. The result of this calculation will be the new amount of my monthly paymnet.

Limits on interest rate changes. The interest rate I am required to pay at the first change date will not be greater than 10.990% or less than 7.990%. Theresafter my interst rate will never be increased or decreased on any single change date by more than 1.500% from the rate of interest I have been paying from the proceeding month. My interst rate will never be greater than 14.990%.

We were told by our loan officer that our payment will never be more than approximately $1724.72 per month.

I see on an addition and/or amendment to escrow instructions it states:

The instrustions in this escrow are hereby modified, amended and/or supplemented in the following particulars:

New Loan: Borrower obtaining the property qualifying for a new trust deed loan securing a note in the amount of $235,274.00 in favor of LS - Centex Home Equity-Sacr. Said loan shall bear interest a fixed rate of 7.9900% per annum, for a term of 30.00 years, paya ble at approximately $1724.72 per month, per terms and conditions of Lender´s instructions to be deposited into escrow. Borrower´s signature on all loan documents shall constitute their full approval of the terms and conditions contained therein.

What the heck does all that mean. When I read this, I thought my payment would be fixed at $1724.72 per month for 30 yrs.

Sorry for the long email, but just trying to prepare for the future.

If anyone can answer this for me, I will be truly grateful.

Thanks
by reallyconfused October 25, 2007 12:00 AM


To: reallyconfused. First, I am not a lawyer, though my father was, and I cannot give legal or realestate advice, so nothing I say should be viewed as such. This is just personal advice based on life experiences. I got on this thred because my neighbor just got booted to the curb this morning. Literally stuff on the lawn... She says she made all payments and has a lawyer involved... I don´t know her details, so I can´t speak to that, but it was/is a "nationstar" home. Based on reading this thred, especially the "100+ offices down to 8" and other comments, I would check into refinancing the loan with another company. Marie3328 may be right, though, about waiting, if your loan to value ratio, credit, home value, etc. won´t allow you to refi now. But IT COSTS YOU NOTHING TO GO TO A FEW LENDERS, with all your documents, to discuss your situation with them. They are the experts, not people on a thred. You can even have a few realestate agents give you a free home valuation (market analysis). They might even be able to work up an amortization schedule for you based on your probable increases in interest. If it looks like you might be able to refinance, then pay to have an appraisal, etc. as per lender´s requirements. At that point, you may be out of pocket some money, but could save in the long run if you can lock in a true fixed rate loan... PLEASE PAY ATTENTION TO THE FOLLOWING: get a loan with NO PREPAYMENT PENALTY (get this in writing, signed, etc. as part of the loan), also for maximum security, try to get a local loan, with a trusted institution that DOES NOT GET RESOLD on the secondary market, where you have no control over who ends up holding your note, thus control over your house! Also, I would almost never get an ARM (variable rate mortgage). Your info shows you could be paying almost double eventually. Discuss all this with a few loan officers. Mention the terms above.

Your "escrow addendum" or whatever it is concerns me. YOU MAY WANT TO PAY FOR A REAL ESTATE LAWYER´S OPINION OR HELP. If you can get the lender to confirm the fixed rate on your loan for 30 years IN WRITING.... then, great, but otherwise it looks as though you were given two different sets of info by the loan officer/company...this is not good!! Good luck!
by interestedbystander October 29, 2007 12:00 AM



by interestedbystander October 29, 2007 12:00 AM


Our experience with Nationstar has been quite disapointing. We were mislead by an agent into believing that there was no prepayment penalty (there is), found that they lack interoffice communication, have refused to return phone calls even though they they themselves give you an exact date as to when they will have finished reviewing your contract and finallyt fail to post payments in a timely manner even though it was sent with a certified bank check and certified mail). Our original loan came from Centex which is the name they went under previously. A check of the web now suggests that they are closing offices and reducing their staff.... Be extremely cautious if you are in the process of securing a loan from this organization.... If we have gone through this much trouble trying to pay off a loan a year ahead of time one can only imagine what would happen if you ever had a problem with apayment.
by annemn April 12, 2008 12:00 AM


Nationstar sucks...my elderly mothers mortgage was transferred from Citi to Nationstar & its been a nightmare. They are holding payments trying to put her in foreclosure, saying its in research and she should double up on payments. And, the loser who is supposed to help is like a dictator. And of all things his name is Earnest...lol She cant speak to anyone remotely helpful because they say he is the only one who can help. Lol What i would really like to know is what kind of accounting software they are using because either it sucks or their reps are not bright. Everything is an issue. I think Nationstar wasnt ready to taken on the Citi customers!
by celuno October 27, 2011 4:49 PM


We paid off our mortgage 11/01/2011 and have been trying to get a Satisfaction of Mortgage mailed to our court house so the deed can be released. I contacted them 01/24/2012 and was told it had been mailed. I called 2/01/12 and 2/13/12 and was told it was mailed. The recorders office hadn't received it by 2/24/12 and I called again that day. I was told by Jacob it had been released on 2/15/12 and mailed 2/16/12. On 3/01/12 I checked with the recorders office and they had not received it. I spoke with Brandonthat day and he said there had been a hold but it was mailed 2/16/12. I called today,3/13/12 and James said it was released and he didn't know why the court house had not received it. I asked to speak with his superviser and was put on hold. James said he couldn't find his supervisor and took my phone number so he could call me. Guess what! I never heard from any one. James also said he did find out that there is still a hold on it. I have a letter from Nationstar dated 1/18/2012 that states to whom it may concern: This letter confirms that the above loan with Nationstar Mortgage, LLC has been paid in full with a zero balance.
Now, if you want to do business with them, it is up to you but we DO NOT ADVISE IT! NOT IF YOU WANT A SATISFACTION OF MORTGAGE SENT TO YOUR COURT HOUSE SO IT CAN BE RECORDED!
by No Satisfaction! March 13, 2012 3:09 PM


Nation Star unlawfully foreclosed on my home in November 2012. I am located in Texas. They lead me to believe that I was being considered for a Loan Modification by their representative. I was told the sale would be postponed...however I found out by way of court documents being served on me for eviction. I have appealed and appealed...I am on government assistance, and my unemployment has run out.
by codkw0 April 8, 2013 6:01 PM


Nation Star unlawfully foreclosed on my home in November 2012. I am located in Texas. They lead me to believe that I was being considered for a Loan Modification by their representative. I was told the sale would be postponed...however I found out by way of court documents being served on me for eviction. I have appealed and appealed...I am on government assistance, and my unemployment has run out.
by codkw0 April 8, 2013 6:03 PM


I had a mortgage with Nationstar Mortgage for a house in Anchorage, Alaska. In October 2013 I sold this house, and the title company sent a money wire to the payoff account for Nation Star at Wells Fargo Bank. In mid-November 2013 I received a phone call from a Nation Star representative who stated my November 1 payment was late. I informed her I sold the house and the payoff had been sent. After several more calls, I contacted the title company to ask for verification of the payoff and a copy of the money wire document that I could send to Nation Star. Both were provided; I faxed the money wire information to Nation Star at a fax number provided to me by another Nation Star rep on November 22, 2013. Despite providing this information and asking that any further communication be in writing, I continue to receive calls from Nation Star daily as late as 11:00pm. None of the reps know anything about the previous discussions or that information has been sent. They just continue to ask about payments that are late. I finally filed a complaint with the Consumer Financial Protection Bureau
by Unhappy consumer December 12, 2013 12:36 AM


No picnic to work for either. They released our entire office over a month ago after about 2 months of very limited work. How they've been in business for as long as they have is a freaking mystery. If you currently have financing here, seek other venues.
by frmr_mployee March 19, 2014 1:51 PM


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